CPS Announces Renewal of $200 Million Credit Facility

Core Points - Consumer Portfolio Services, Inc. (CPS) has renewed its two-year revolving credit agreement with Citibank, N.A. on July 11, 2024 [1] - The renewed credit agreement allows CPS to secure loans against automobile receivables, which it currently holds or will acquire from dealers in the future [2] - CPS can borrow on a revolving basis until July 15, 2026, after which it has the option to either repay the outstanding loans in full or allow them to amortize over a one-year period [2] Company Overview - Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit issues or limited credit histories [3] - The company primarily purchases retail installment sales contracts from franchised automobile dealerships, secured by late model used vehicles and, to a lesser extent, new vehicles [3] - CPS funds these contract purchases on a long-term basis through the securitization markets and services the contracts throughout their duration [3]